Author: PPD Team Date: 22/11/2024
Hyundai Motor India Limited (HMIL) has signed an agreement with Fourth Partner Energy Limited (FPEL) to establish a 75 MW Solar Plant and a 43 MW Wind Power Plant in Tamil Nadu.
HMIL has a target for RE100 to transition to 100% renewable electricity across its operations by 2025, it currently sources 63% of its energy from renewables.
The project involves an investment of Rs 380 million and will operate under a Group Captive Mode through a Special Purpose Vehicle (SPV), where HMIL holds a 26% equity stake and FPEL 74%.
The facilities will supply over 250 million units of clean energy annually, reducing CO2 emissions by 200,000 tons each year. The agreement ensures a 25-year renewable energy supply for HMIL’s Chennai plant.